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Strategies & Market Trends : From the Trading Desk
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To: steve goldman who wrote (2300)1/15/1998 9:01:00 PM
From: nick nelson  Read Replies (1) of 4969
 
Steve,

Nasdaq Market Makers:

First Part-
It is my understanding that once a MM fills an order he/she has 90 seconds in which they MUST report that they have FILLED the order.
a) Is this approximately correct?
b) Who is the fill reported to - how does the trader know his order has been filled - how soon does the client over the Internet get the fill confirmation?
c) Why is there often a delay in getting the CONFIRMED fill out over the Internet to the client by some online brokers?

Second Part(more important - and can create many problems for the broker and client)
a) When an online Internet trader CANCELS(not a CHANGE) an OPEN order - often the broker is very lax in returning a CONFIRMED cancel. A PENDING cancel is returned and can remain PENDING for hours.
b) If a MM has 90 seconds to confirm a FILL - why are CANCELS not automatically CONFIRMED cancels if no MM reports back a fill within 90 seconds after receiving the CANCEL?
c) How do traders broadcast a client's CANCEL to all MM's and how is a CANCEL verified?
d) It seems like MM's and some brokers want 'their cake and eat it to?' leaving the client hanging so that they are unable to trade for the rest-of-the-day while waiting for cancel CONFIRMATION.

Some insight into the CONFIRMED cancelation process would be much appreciated... the system really seems to breakdown in this area? Why?

Thanks, nick
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